I noticed an interesting trend in the gold market. Since the beginning of the year, the market capitalization of gold has increased by approximately $6 trillion. For context: this is more than Nvidia's entire market value in January. Crazy numbers, to be honest.

The spot price of gold remains around $5,500+ per ounce, and this is no coincidence. Several factors are driving money into the yellow metal. First, central banks are buying gold like crazy — over 800 tons in demand. This puts serious pressure on the market. Second, retail ETFs are seeing capital inflows, as people seek safe assets. Third, geopolitical tensions and trade wars — all of this pushes investors toward traditional refuges.

And here’s what’s interesting: while gold’s market capitalization is growing, Bitcoin is no longer dancing to the same rhythm as gold. Since mid-last year, the correlation between BTC and gold has almost disappeared. BTC is now around $80k, and it’s going its own way. Previously, cryptocurrencies and gold often moved together as alternative assets, but now they tell two different stories.

Looking at the overall picture, gold’s market capitalization shows that traditional safe assets are still in fashion. Geopolitics, inflation fears, tariff uncertainties — all of this favors gold. It will be interesting to see how long this dynamic lasts.